The closures are a significant paring down of the department store square footage in midtown Tulsa.

"Our goal is to not only bring a dynamic new use to this important location, but also ensure that the job base and economic contributions to the city and region are preserved or enhanced", CityPlace said in a statement. The stores scheduled to close span America. It also will "opportunistically" close another 30 stores over the next few years as leases expire. Associates displaced by store closings may be offered positions in nearby stores where possible, and eligible full- and part-time associates affected by the store closings will be offered severance benefits. Big retail stores in downtown Minneapolis have a 15 percent vacancy rate, which observers say is three times the regional average.

Macy's estimates the changes announced Wednesday would save about $550 million annually, starting in 2017, according to the news release.

Macy's stock (NYSE: M) fell almost 10 percent in after-hours trading Wednesday. That money will go toward investing $250 million in expanding its digital efforts; growing Macy's Backstage, its discount stores, and Bluemercury, a spa retail chain Macy's acquired in 2015; and developing business in China, the company said.

It was previously announced that the Macy's at Greenwood Mall in Bowling Green, Ky., would close in early 2017 with final clearance sales beginning January 9.